Banking
Access Bank Plans Expansion to Europe, United States
By Modupe Gbadeyanka
The Group Managing Director of Access Holdings Plc, Mr Herbert Wigwe, has disclosed that the banking subsidiary of the company, Access Bank Plc, hopes to take its operations to Europe and the United States possibly in the next five years.
This is in alignment with the five-year strategy document of Access Bank, which says, “By the end of 2027, we expect to be in at least 26 countries and at least 3 Organization for Economic Co-operation and Development (OECD) countries supporting trade (United Kingdom, France & United States of America).”
In an interview with CNN’s Zain Asher on Marketplace Africa, Mr Wigwe noted that the expansion plan of the organisation was to ensure the company becomes “Africa’s gateway to the world.”
“I think that you would see a lot of expansion across the continent over the next couple of years, but I think beyond that, you would see us do a bit more in Europe, and perhaps before the end of the next five years, the corporate strategic plan would have put our flags in the US,” he said on the programme.
While commenting on the future of the banking sector, he highlighted the rise of cryptocurrency and how Nigeria is attempting to regulate the sector.
“It’s very interesting and in the context of Nigeria, very regulated because the regulators are trying to make sure that they have a better grasp of what is happening as far as crypto is concerned. […] Leveraging that, we will have the Access coin, for instance, and the idea is to help support financial inclusion,” he said.
Recall that in 2002, Mr Wigwe and his business partner, Mr Aigboje Aig-Imoukhuede, acquired Access Bank.
The banker said since the period, the banking landscape has changed, noting that, “The consumer has changed in terms of demographics, because it has changed in terms of their own needs.
“People would take a lot of cash in 2002. Now most of those things, or most of those facilities or transactions that would’ve been done using cash, are done using cards. And we’ve also seen the evolution right now to more digital means. And, of course, we’re now talking about cryptos, right? So it’s been big changes from 2002 to now.”
As more and more unicorns (startups valued at over $1 billion) are created on the continent, Mr Wigwe says that African entrepreneurs’ potential has been unlocked.
“I think there’s still so much more that can happen. There are people doing great things in South Africa, in Kenya, and more and more will be born. And the reason some of us are happy is that people are beginning to see that intellect, talent, and technical skills also exist here. It’s not a European thing or an American thing,” he noted.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) is considering the recapitalisation and restructuring of Development Finance Institutions (DFIs) to address the significant financing gap facing micro, small, and medium-sized enterprises (MSMEs).
The Deputy Governor of the apex bank in charge of Economic Policy, Mr Muhammad Abdullahi, disclosed this during a panel session at the launch of the Nigeria Development Update by the World Bank in Abuja on Tuesday.
He explained that a recent review by the apex bank found that existing DFIs were too small to meet the credit needs of businesses.
DFIs are specialised, government-backed financial entities designed to promote economic growth by funding critical sectors like agriculture, infrastructure, and SMEs. Key institutions include the Bank of Industry (BOI), Development Bank of Nigeria (DBN), Nigeria Export Import Bank (NEXIM Bank), Bank of Agriculture (BOA), National Credit Guarantee Company Limited, and Nigerian Consumer Credit Corporation, among others.
“We conducted a review last year of the development finance space. Across all the DFIs in Nigeria, the total asset base is slightly above N8 trillion, whereas what is required in development finance for MSMEs is over N130 trillion,” he said.
He said that simply injecting capital would not solve the problem.
“The only way to address this is not only through public sector capital injections into these institutions, but also by making them bankable and investable,” he said.
Abdullahi said the CBN and the Ministry of Finance are reviewing DFI structures to improve their efficiency and risk appetite.
“We are reviewing the entire sector to ensure that we can correct the incentives, improve risk appetite, and also strengthen capital levels,” the deputy governor added.
He also said the reforms aim to introduce stronger market-based principles.
“We are looking at the structure to see how more market fundamentals can be incorporated, because the way it has been done in the past has not delivered the desired results,” Mr Abdullahi said.
On the persistent financing challenge for MSMEs, he said lending to the real sector has always been one of the structural challenges “Nigeria’s economy faces in terms of ensuring that credit reaches businesses that require it”.
Business Post reports that the CBN recently concluded the recapitalisation of the Nigerian banking sector, while the insurance sector is ongoing.
By Modupe Gbadeyanka
The women-focused initiative by Sterling Bank, OneWoman, is already yielding positive results, especially in promoting financial inclusion and empowering female-led enterprises in Nigeria.
Business Post reports that the programme was created to support women through three key pillars of capital, capacity, and community.
In 2025, according to the Head of the OneWoman Initiative, Ms Ezinne Nwokafor, the initiative gave out N43.9 billion loans to 2,450 female entrepreneurs, trained 6,000 of them, served about 380,000 women across three sectors of career women, women in business and freshers, and their vision 2030 is to give out N500 billion loans to one million women across their three sectors.
She noted that a significant majority of Nigerian women remain excluded from formal credit, with only a small percentage able to access structured financing. Despite improvements in financial inclusion, women continue to face systemic barriers that limit their ability to secure funding.
Ms Nwokafor pointed out that women account for a substantial share of micro, small, and medium enterprises and contribute meaningfully to the economy, yet face a financing gap estimated at $42 billion annually, according to the International Finance Corporation.
She also referenced data showing that more than half of women-led businesses identify access to finance as a major constraint, while rejection rates for loan applications remain significantly higher for women than for men.
According to her, these challenges are often linked to structural issues such as gaps in asset ownership, social norms, and limited access to financial data and visibility.
“Sterling’s OneWoman initiative is positioned to bridge this gap by combining financial solutions, mentorship, capacity building, and community support for women across different stages of their journey,” she said at the Funding Her Future Breakfast Dialogue in Lagos.
The session brought together voices from across sectors for a focused and necessary conversation on how to unlock more inclusive and effective financing pathways for women-led businesses in Nigeria.
On his part, the chief executive of Sterling Bank, Mr Abubakar Suleiman, said, “Women-led businesses need the right support systems, the right networks, and the right ecosystem to grow with confidence and scale with resilience.”
By Modupe Gbadeyanka
Alpha Morgan Bank has reaffirmed its commitment to supporting institutions that drive intellectual growth and national development.
The lender gave this reassurance at the commissioning of the Redeemer’s University Business School by Pastor (Mrs) Folu Adeboye, the wife of the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye.
Speaking at the event, the Managing Director of Alpha Morgan Bank, Mr Ade Buraimo, said the company was proud to be associated with the school, noting its commitment to education and institutional development.
As part of its broader focus on knowledge sharing and thought leadership, Alpha Morgan Bank will host its Economic Review Webinar in May 2026, bringing together experts to share insights on key economic trends and opportunities.
The commissioning of the business school was witnessed by distinguished guests, including the Pro-Chancellor and Chairman of the Governing Council of Redeemers University, Professor Oluwatoyin Ogundipe; the Vice Chancellor, Professor Shadrach Olufemi Akindele; Mrs Bola Obasanjo; and other notable dignitaries.
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